To check if your financial planner is properly licensed in Australia, search their name or Australian Financial Services (AFS) licence number on ASIC's free MoneySmart Financial Advisers Register at moneysmart.gov.au. Any adviser legally providing personal financial advice must appear on this register – if they don't, walk away immediately.
Why licensing matters more than ever in 2026
The collapse of several advice practices over the past decade left thousands of Australians out of pocket and, in many cases, with shattered retirement plans. Unlicensed advice – including from social-media "finfluencers" and overseas-based operators – has been a recurring focus of ASIC enforcement; see the latest ASIC annual reports and ASIC media releases for current enforcement statistics.
Getting proper advice from a properly licensed professional isn't just a bureaucratic box-tick. It means your adviser is bound by the Corporations Act 2001, is covered by professional indemnity insurance, must act in your best interests (the "best interests duty" introduced under the FASEA reforms), and is subject to disciplinary action if they breach the rules. An unlicensed adviser offers you none of those protections.
Many Australians hold superannuation, property or shares but have never received formal financial advice – see ABS household financial resources data and ASIC Moneysmart's financial advice guidance. With so many Australians making major financial decisions without professional guidance, the risk of falling prey to a bad actor is very real.
Step 1 – Search ASIC's Financial Adviser Register
Your first and most important stop is the ASIC Financial Adviser Register, accessible directly through MoneySmart.gov.au. The register is public, free to use, and updated in near real-time as advisers join, leave, or have conditions placed on their licence.
Here's what to search for:
1. Go to moneysmart.gov.au and click "Find a financial adviser." 2. Enter the adviser's name or their employer firm. 3. Check their status – it should read "Current" not "Ceased" or "Banned." 4. Confirm their authorisations – make sure the register lists the specific products and advice areas (e.g., superannuation, managed investments, life insurance) that match what they're proposing to advise you on. 5. Review any bans or enforceable undertakings listed against their name.
If an adviser claims the register is out of date or gives you any reason to avoid this check, treat that as a serious red flag. ASIC updates the register within days of a status change.
Step 2 – Verify their education and professional standards
Since 1 January 2026, all licensed financial advisers in Australia must meet the updated education and training standards administered by the Financial Adviser Standards and Ethics Authority (FASEA) framework – now embedded within ASIC's regulatory structure following legislative changes in late 2024.
At minimum, your adviser must:
- Hold a relevant Bachelor's degree or higher (or have completed a bridging course if they were a grandfathered pre-FASEA adviser) - Have passed the ASIC-approved adviser exam - Complete 40 hours of continuing professional development (CPD) annually - Comply with the Code of Ethics set by the Financial Planners and Advisers Code of Ethics 2019
You can verify their educational qualifications by asking to see their Financial Services Guide (FSG), which every licensed adviser is legally required to provide before giving advice. The FSG must disclose their qualifications, their licensee, how they're remunerated, and any conflicts of interest.
For a deeper look at how we evaluate adviser credentials, see our methodology.
Step 3 – Understand the difference between licensed structures
Not all advisers operate under the same structure, and understanding the difference can save you from confusion – or worse.
| Adviser Type | Who Regulates Them | Can Give Personal Advice? | Covered by PI Insurance? | |---|---|---|---| | AFS Licence Holder (directly licensed) | ASIC | Yes | Yes (mandatory) | | Authorised Representative | Their licensee (who holds the AFS licence) | Yes | Yes (via licensee) | | General Advice Provider (e.g. super fund helpline) | ASIC | No – general only | Varies | | Unlicensed "coach" or "educator" | None | No – and illegal if they do | No | | Overseas-based adviser | Potentially none in AU | No (unless holding AU AFS licence) | No |The critical distinction is between personal advice and general advice. Personal advice takes your individual circumstances into account and triggers the best interests duty. General advice does not – it's the kind of information you might read in a brochure. Make sure you know which type you're receiving, because only personal advice comes with full consumer protections.
Step 4 – Check for complaints, bans, and disciplinary history
A clean ASIC register entry is a good start, but it doesn't tell the whole story. Here's how to dig deeper:
- AFCA (Australian Financial Complaints Authority): Check afca.org.au to see if the adviser or their firm has unresolved complaints. AFCA is the external dispute resolution body for financial services and its decisions are publicly accessible. - ASIC Banned and Disqualified Register: Separate from the adviser register, this lists individuals formally banned from providing financial services. Search at asic.gov.au. - Court and tribunal decisions: A Google search of the adviser's name alongside "ASIC," "Federal Court," or "AAT" can surface any enforcement actions that have been reported publicly.
Conflicted and inappropriate advice has been a persistent cause of member-fund losses recorded by the regulators – see APRA superannuation statistics and ASIC enforcement reports for current data, which is why this due diligence step is non-negotiable.
Step 5 – Ask the right questions before you sign anything
Even after confirming an adviser is licensed and complaint-free, the right questions can reveal whether they're truly the right fit for your situation.
Key questions to ask:
- "Are you a fiduciary?" – Licensed advisers must act in your best interests, but it's worth hearing them confirm this directly. - "How are you remunerated?" – Fee-for-service advisers charge you directly; some may still receive commissions on insurance products (which is legal but must be disclosed). - "Who is your licensee?" – If they're an authorised representative, know who is ultimately responsible. - "Can I see a sample Statement of Advice (SOA)?" – A Statement of Advice is the formal document setting out their recommendations and how they arrived at them. - "What's your specialisation?" – Not all advisers are equally strong in all areas. Someone brilliant at SMSF structuring may not be the best choice for centrelink strategy or aged care advice.
For a full breakdown of what professional advice should cost you in 2026, read our cost guide.
What to do if your adviser turns out to be unlicensed
If you discover – before or after receiving advice – that your adviser was not properly licensed, take action immediately:
1. Do not implement any recommendations until you've sought a second opinion from a licensed adviser. 2. Report the individual to ASIC via the online complaint form at asic.gov.au. ASIC takes unlicensed advice seriously and can pursue civil and criminal penalties. 3. Lodge a complaint with AFCA if you've suffered financial loss as a result of the advice. 4. Seek legal advice – depending on the circumstances, you may be entitled to compensation.
If you need help finding a trustworthy professional, our guide to the best financial planners in Sydney is a solid starting point for NSW-based residents.
---
Frequently Asked Questions
Q: Is it legal for someone to give me financial advice without an AFS licence? A: No. Providing personal financial advice in Australia without an AFS licence, or without being authorised under one, is a criminal offence under the Corporations Act 2001. You should report unlicensed advisers to ASIC via asic.gov.au/report. Q: Can an accountant give me financial advice without a licence? A: Only to a limited extent. Accountants operating under the accountants' exemption can advise on SMSF establishment and wind-up, but for broader financial advice – including super contributions strategy or investment planning – they must hold or be authorised under an AFS licence. Q: How do I check if my existing adviser's licence has recently changed? A: Visit the ASIC Financial Advisers Register and look at the "licence history" section for the individual. This will show any moves between licensees, gaps in authorisation, or periods of suspension – all of which warrant a direct conversation with your adviser. Q: What should I do if I've already received advice from an unlicensed person? A: Stop acting on that advice immediately, and do not make any further payments. Contact AFCA at afca.org.au if you have lost money, and file a report with ASIC. Depending on your situation, you may also wish to seek legal advice from a consumer law solicitor.---
Sources
- Moneysmart – Financial Adviser Register: moneysmart.gov.au – financial advisers register - ASIC – Banned and disqualified persons register: asic.gov.au – banned and disqualified - ASIC – Financial advice information for advisers: asic.gov.au – AFS licensees - Corporations Act 2001 (financial product advice obligations): legislation.gov.au – Corporations Act 2001 - Financial Planners and Advisers Code of Ethics 2019: legislation.gov.au – Code of Ethics 2019 - AFCA – Lodge a complaint: afca.org.au
Information in this article is general and current as at 19 May 2026. Verify with an AFSL-licensed adviser and the linked ASIC sources before relying on it.
Browse our independent directory at /best/.